We understand that buying or refinancing a home is one of the biggest financial decisions that you’ll ever make. It’s a huge investment and needs to be properly handled. That’s where the mortgage professionals at Home Savings can help. From our highly qualified mortgage loan officers to the loan processing team, you can expect the highest level of personalized service throughout the entire process. Your loan officer will work with you to explore all the loan programs that best fit your needs, and take you step by step through the application. With our team approach to loan processing, we’ll make sure you understand everything and make sure you get the best experience possible.
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- Conventional Fixed Rate Loans
A fixed rate mortgage loan provides you with the security of a monthly principal and interest payment that never changes because the interest rate is locked in for the entire loan term. The only change could be an increase or decrease in the amounts collected for mortgage insurance, real estate taxes, or property insurance (escrow payments).
- Terms from 10 – 30 years
- Programs with no Private Mortgage Insurance (PMI)
- Complimentary pre-qualification
- Adjustable Rate Mortgages (ARM)
With an ARM, you could take advantage of a lower interest rate initially. The interest rate changes at predetermined intervals based upon the Treasury index. The change in interest rate will also affect how much your monthly principal and interest payments will be.
- Note rate may change annually after initial term of 3, 5 or 7 years
- Monthly payment is lower in the early years of the mortgage
- To minimize interest rate increases, ARM loans offer the protection of annual and lifetime rate caps
- First-Time Home Buyer Program
If you’ve never bought a home before or it’s been a long time, you could qualify for our First-Time Buyer Program.
- Special grant funding for down payment and closing cost assistance
- Affordable monthly payments
- Lower closing costs and a very low down payment
- No income restrictions
- Jumbo Loans
Jumbo loan programs start at $417,000 and offer financing on amounts exceeding the "conforming" loan limits. Jumbo loans are available as regular purchase loans, construction/permanent loans and for refinancing.
- FHA Loans
The Federal Housing Authority (FHA) offers affordable mortgage loan options to qualified home buyers. FHA loans are insured by this government agency. There are some limits to loan amounts but they’re reasonable enough to accommodate most buyers.
- Minimum down payment
- Down payment and closing costs may be gifted
- Seller may contribute towards buyer closing costs
- VA Loans
The Veterans Administration (VA) is a mortgage loan program for individuals qualified by military service or other entitlements. VA Loans are backed by this government agency. There are some limits to loan amounts but they’re reasonable enough to accommodate most buyers.
- Zero down payment
- No private mortgage insurance (PMI) requirement
- Easier credit qualifying
- USDA Loans
The U. S. Department of Agriculture (USDA) sponsors this mortgage loan program for development in rural areas. Eligible borrowers* in rural areas can qualify for fully-financed mortgage loans.
- No down payment required
- Not limited to first time home buyers
- Flexible credit guidelines
- Closing costs may be gifted
- New or existing homes
- No loan limits (with qualifying income)
- Construction/Permanent Loans and Lot Loans
Ready to build the home you’ve always wanted? Turn to Home Savings for a low down payment, competitive rates and exemplary service from seasoned loan professionals.
- One-time closing… your construction loan becomes your regular mortgage.
- Minimal down payment and low fees.
We also offer lot loans for those who want to finance a land purchase for a future home.
Whether you’re looking to reduce your monthly mortgage payment or term, or if you simply want to access the equity value of your home, Home Savings has a refinance mortgage solution for you. If you’re struggling with your current mortgage payment, refinancing your mortgage could give you the financial relief you are seeking. Maybe you want to consolidate your debt; you can get cash out of your equity when you refinance. Or maybe you just want to pay off your home faster. You could shorten your term and reduce the amount of interest you pay on your home loan.
- Alternative Financing
For customers with unique needs and special circumstances, we offer a variety of mortgage options. Contact a loan officer to discuss how Home Savings can help.